Belgium imposes tough conditions on EU for reparations loan to Ukraine
The Belgian government is demanding certain guarantees from the European Union in response to support for a reparations loan to Ukraine, which involves the use of frozen Russian assets. This was reported by Euractiv, citing internal EU documents.
Belgium insists that the guarantees must be independent and valid even if the court declares the loan invalid. The country also wants other EU states to undertake to compensate for possible legal costs if Russia files a lawsuit against any member of the bloc.
Among Belgium's additional demands are a ban on new investment agreements with Russia and cancellation of existing agreements. Particular attention is paid to Euroclear, which holds the majority of Russian assets in the EU. Brussels wants the depository to be exempted from liability, and its executives to be held accountable only in case of gross negligence.
Belgium remains a key country in the issue of using Russian assets, as it is there that the largest amounts are blocked. The Euroclear depository warns that the EU risks an increase in debt costs if frozen assets are used to provide a €140bn loan to Ukraine.
The issue is scheduled to be discussed at the European Council summit on 18 December. EU leaders will try to persuade Belgian Prime Minister Bart de Vever to support the plan, but he insists on equal distribution of legal and financial risks and participation of other countries in the use of Russian assets.
The European Commission proposes a reparations loan as one of the instruments to finance Ukraine in 2026 and 2027 amid Russia's ongoing aggression.
